Research On The Impact Of The New Third Board Listed Enterprises' Financing Structure On Performance

The financing structure difference will have different effects on the performance of enterprises.Under the premise of such consensus,Chinese and Western scholars only hold different views about specific differences.As the new third market develops for a short time,domestic scholars only draw a lot of conclusions about main board,Small and Medium-sized Enterprise Board and Growth Enterprise Market.Research for the new third market is not enough,especially in such context that expansion and setting up tiered system of new third market,study about this subject is more inadequate.Therefore,this paper will set the new third board listed companies as a research object and study the new third market financing structure 's impact on the enterprises performance in China.Firstly,this paper reviews a large number of domestic and foreign literature,combing ideas about financing structure's impact on the enterprises performance,defining the concept about financing structure and performance,paving the way for the following.Then,it collects a large number of financial data based on the new third board,preliminarily processing the data through Excel and Stata software.Through studying the third board's development and financing status,we find the third board's asset-liability ratio is high.Most enterprise use short-term financing.The shareholding ratio of top two shareholders is higher than other board.Finally,this paper chooses 7735 companies' data from 2013 to 2015 listed in new third board as the sample to carry on the empirical research,setting return rate as the explanatory variable to measure the performance,setting the shareholding ratio of the top ten shareholders,the asset-liability ratio and long-term debt ratio as explanatory variables.In addition,considerating that the new third board implemented the basic level and innovation level distinction and manufacturing enterprises accounted for more than 50% in the new third board,which showing financing performance differences,this paper implements sub-samples regression analysis in empirical research part.Conclusions are as follows:(1)Asset-liability ratio is negatively related to performance;Long term debt has no significant impact on Performance;The relationship between new third board enterprises' ownership concentration and performance is inverted U type's quadric curve.(2)The relationship between innovation layer enterprises' s asset-liability ratio and performance is inverted U type's quadric curve;Long term debt has no significant impact on Performance;Ownership concentration and performance are inverted U type's quadric curve.The relationship between basic level enterprises' s asset-liability ratio and performance is negatively correlated;Long term debt has no significant impact on Performance;Ownership concentration and performance are inverted U type's quadric curve.(3)The relationship between new third board non-manufacturing enterprises' ownership concentration and performance is inverted U type's quadric curve;Long term debt has no significant impact on Performance;Ownership concentration and performance are inverted U type's quadric curve.The relationship between new third board manufacturing enterprises' ownership concentration and performance is inverted U type's quadric curve;Long term debt has no significant impact on Performance;Ownership concentration and performance are inverted U type's quadric curve.